The Entrepreneurial Process - 1267 Words

Entrepreneurship in health Care The Entrepreneurial Process Many successful entrepreneurs tend to follow a process to develop their businesses. This process contains four stages toward achieving their dreams. The processes are identifying an opportunity, developing a business plan, assessing the need for resources, and finally developing a management program designed to achieve success. The entrepreneur must develop an understanding of this process as an important step. Developing an understanding of the entrepreneurial process can determine if a business venture is to be successful. Some phases of the entrepreneurial process may appear more important than the others but in reality each phase must be completed in succession in†¦show more content†¦It is also during this phase the needed monetary funds are obtained and allocated by the proper division to ensure that the scarce resources of a newly found business can be directed appropriately to once again obtain business success. Once all of the three aforementioned phases are complet ed the launching of the newly formed business is at hand. With the launching of a newly developed entrepreneurial business there must be personnel in place to ensure the develop business plan is followed. Managing scarce resources and personnel during the day to day operations of the business must be done in such a manner that will sustain a successful startup of the business. This type of managing should include extending the relationship of the business to customers and stakeholders alike. Managing finances, advertising, distribution, and other multiple areas of the business takes the right individual. It takes the right individual to implement on a daily basis established business plan developed through prior phases and analysis. The phases of the entrepreneurial process unique to the development of the entrepreneurial business venture. Placing a higher value to one phase over another can be an extremely difficult endeavor. Place a higher value to one phase of the entrepreneurial process over another mayShow MoreRelatedEntrepreneurial process paper1422 Words   |  6 Pagesis a process to follow when taking an idea that will later mold into a productive entity. Using a chisel a sculptor would go from a piece of wood to a beautiful finished product, using different techniques. Such is in the entrepreneurship world; ideas must be transformed using a particular process. This paper will look into the organization of planning, launching and building a venture. It is otherwise referred to as the entrepreneurial process. Describe the four steps of the entrepreneurial process Read MoreEntrepreneurial Process Essay1031 Words   |  5 PagesEntrepreneurial Process Ivy Harmon UOP Entrepreneurship in Healthcare HCS 567 K. Imlay May 13, 2012 Entrepreneurial Process Successful entrepreneurs tend to follow a multi-step process on four main elements to achieve their goals. These processes include identifying an opportunity, developing a business plan, determining the resources needed, and finally managing the newly developed enterprise (Hirsh, Peters, Sheppard, 2005). A clear understanding of the entrepreneurial process is anRead MoreThe Stages Of The Entrepreneurial Process2056 Words   |  9 Pagessuccess. This principle is related to the myth that most entrepreneurial initiatives fail. Although failure do arise, other great ideas may be sparked as a result of those failures which may result in unexpected success in a different direction. Identify and define the six stages of the entrepreneurial process outlined in the text. How is â€Å"opportunity† defined? How is a â€Å"business concept† defined? The six stages of the entrepreneurial process include identifying the opportunity, defining the businessRead MoreThe Growth Of The Entrepreneurial Process1788 Words   |  8 PagesThe Entrepreneurial process begins with the perception of the existence of opportunities or situations in which resources can be recombined for a potential profit. Thus entrepreneurs are opportunists, who discover opportunities in the existing market and use them for their benefit. (Shane 2003). Entrepreneurships usually take the form of Small to medium size enterprises usually abbreviated to SMEs. These SMEs are adaptable, grow more rapidly and have higher risks of failure. Entrepreneurship is importantRead MoreThe Entrepreneurial Team in Business Plan Process1400 Words   |  6 Pagesby people. 2 Identification of the entrepreneurial team The section of Management Team in the business plan contains description of the roles and explicit functions of the members represented by an organizational chart that include the present force, or otherwise numbered order of people who are anticipated to join or hire with realistic allocated budget (Timmons and Spinelli, p.243). Prudent entrepreneurs will examine during the business plan process to diagnose current and potential skills’Read MoreDeveloping Process Of A Business Plan And Entrepreneurial Finance953 Words   |  4 Pagesand 47% annual turnover at  £1.8 trillion (FSB.org, 2015). Thus, it is of vital importance to understand how to formulate and operate an SME. This reflective essay, therefore, mainly focuses on two topics of SMEs: the developing process of a business plan and entrepreneurial finance, which is a key aspect for SMEs to operate successfully. Personal experiences and group behavior are blended into theoretical approaches to critically evaluate various financial aspects. Christopher Johns’ Model of ReflectionRead MoreOverview Of Schumpeter Denoted Entrepreneur As An Essential Element For The Economic Growth And Entrepreneurial Process1339 Words   |  6 PagesSchumpeter denoted entrepreneur as a key in the economic growth and entrepreneurial process as a prime element in the progress and advancement of economy. Again he stated that entrepreneurship is an essential element for the development of any economy and economic and political framework condition would not affect the growth. The benefits due to entrepreneurship to community will be greater in those economies where entrepreneurs have flexibility to operate, to expand their ideas, and to obliterateRead MoreConcept of Entrepreneurship1455 Words   |  6 Pagesfocused on the business process rather than the practitioner. He said that an entrepreneur shifts economic resources out of an area of lower productivity and into one of higher productivity and greater yield. 200 years later confusion still remains over the definitions of ‘entrepreneur’ and ‘entrepreneurship with no single definition existing. Further examples back up this point. In Advanced Entrepreneurship by H. Rwigema and R. Venter the term is described as â€Å"... a process of conceptualising, organisingRead MoreStrategic Issues in Entreprenuerial Ventures1565 Words   |  7 PagesChapter 13 STRATEGIC ISSUES IN ENTREPRENEURIAL VENTURES AND SMALL BUSINESSES The Importance of Small-Business and Entrepreneurial Ventures A. Definition of Small-Business Firms and Entrepreneurial Ventures The most commonly accepted definition of a small business firm is one that employs fewer than 500 people and that generates sales of less than $20 million annually. According to the U.S. Small Business Administration, â€Å"A small business is one which is independently owned and operated,Read More21200 Words   |  5 Pagesï » ¿ CHApter1 2.What key insights does the GEM study provide us about entrepreneurship?      Of particular interest to GEM is early stage entrepreneurial activity, which consists of businesses that are just being started and businesses that have been in existence for less than three and one-half years. While the high rates of entrepreneurial start-up activities occur in low-income countries, where good jobs are not plentiful such as brazil, china, Argentina. Low rates occur in high-income countries,